Hong Kong’s virtual bank Mox announced that now has 200,000 customers, doubling its customer base since May.

As one of the eight entities that were granted a virtual banking license by the Hong Kong Monetary Authority, Mox had officially launched to the general public in Hong Kong in September 2020.

Mox reports high levels of customer engagement where more than 80% of its customers are currently using at least two or more of its products and services.

As the digital bank’s user base grew, so did its card transactions with customers spending more than HKD 3 billion using their Mox Cards.

Mox had launched its numberless bank card with Mastercard which has the “Flip” feature allowing its customers to seamlessly switch between debit and credit spending.

The bank said that it is now processing over a million successful transactions each month, more than double the number that it had before the launch of Mox Credit.

By the end of November, the bank received over 150,000 applications for Mox credit, with 80% of them processed straight through with no additional documents.

Mox added that on average, customers received its first decision within seven seconds.

The digital bank had a recent change in management when Deniz Güven stepped down to make way for Barbaros Uygun as Mox’s new CEO.

Mox said in a statement,

“When Mox launched, we wanted to introduce a new way of banking to Hongkongers. We created differentiated client propositions and digital experiences and integrated with partner ecosystems. Our efforts have helped us reach another milestone this month – having 200,000 customers and doubling our customer base since May.

 

We want to offer a big thank you to our customers for their support throughout our journey, and the Moxsters working hard to provide outstanding customer service. We will continue to help our customers grow their money, world and possibilities as we grow!”